Russian housing demand will fall 20% by the end of the year, and “there is nothing wrong with that,” said Deputy Prime Minister Marat Khusnullin. He attributed the decline in demand to normal market conditions.
Marat Khusnullin, Deputy Prime Minister of the Russian Federation, announced the forecast on the rate of decline in housing demand in Russia in an interview with RBC.
According to Khusnullin, the demand for housing on the market by the end of 2022 will fall by 10-20%. There is “nothing wrong with that,” Khusnullin said, explaining the decline in demand by normal market conditions.
If the rate of decline in demand is faster, the government will think of new measures to support the industry, for example extending the preferential mortgage program, Khusnullin said.
Khusnullin said that the demand for housing in 2021 is unprecedented: this was influenced, in particular, by the preferential mortgage program, the low key rate of the Bank of Russia and the growth of the exchange rate.
Prime mortgages in Russia are issued at a rate of 7% per annum. In May, the maximum loan amount was raised: for the capital regions, for example, it is 30 million rubles.
Author:
Kirill Bilyk
Source: RB
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